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Five Ways Wall Street Played You for a Chump

MarketWatch's Jim Jelter discusses five telltale signs that the stock market has made you a chump. (Photo: Getty Images)

This transcript has been automatically generated and may not be 100% accurate.

I ... the ... it avoided all Koch reporting ... what's around the table and wondered who the Patsy is ... well if you're wondering ... it's probably ... and the same applies if the big poker game run by Wall Street ... by Amgen Jelter MarketWatch ... enjoy insisted in his column ... RetireMentor is ... takes a look at the telltale signs that the stock market has made you a chump ... there are news top fought ... number lower ... according to George euro chump if you believe there's an investment that yields high returns ... with no risk ... every year millions of dollars are lost and financial scams ... and the foundation of almost all skew means is that someone has convinced you ... that this is a surefire Investment Durant intimate to rich ... with no possibility of a loss to you ... what to buy that one you clearly don't understand ... what you're being sold ... number two here's another clue that Wall Street's having its way with you ... when you lose your financial success depends on finding a money manager ... who knows what lies ahead in the capital markets ... some of them might have been so it's in the market behavior ... but none of whom has a crystal ball that shows the future ... that doesn't stop him from pulling out charts and graphs and a convincing prospective clients that they can see where the market is going ... but they can ... number three euro Chung if you can see that Wall Street gets rich at your expense ... in this game it's all about convincing customers ... that they can to enrich ... the wild transfer your dollars to investments their marketing ... they're taking a cat ... at the end of the day most of them are making a lot more money than you ... number four ... there also would jump if you're searching for mutual fund managers to consistently outperform their peers ... is nothing wrong with that ... be aware of this ... Standard imports in its semiannual persistence scorecard ... shows once again that the number of top and fund managers that are consistently ranked at the top ... is actually less than you would find using random selection ... that's why there's this little footnote ... on all of the reports that says ... past performance is no guarantee of future results ... finally ... you a chump if you think that one in the highest rate of return possible is a legitimate financial goal ... it's not ... when disillusionment financial goal was to say for example ... that you want to retire at sixty five ... maintain your current standard of living adjusted for inflation for twenty five years ... that's a legitimate goal because the amount of money being donated ... to calculate ... and it has a